Category: Steel Prices

Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.

Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.

There are several other tariffs implications concerning the ferrous raw materials sector. In addition to tariffs on DRI/HBI imports, there will be also be a tariff on raw materials imported to domestically based metallics producers. 

Nucor lowered its weekly consumer spot price (CSP) for hot-rolled (HR) coil this week after holding prices steady for the past two weeks.

The price spread between hot-rolled coil (HRC) and prime scrap narrowed in April after widening since January, according to SMU’s most recent pricing data.

Cleveland-Cliffs opened its May order book for spot material at $975 per short ton (st).

A look at the HR futures market.

This week is the first time all of our indices have moved lower in unison since July 2024.

The imposition of reciprocal tariffs by President Trump as explained on Wednesday afternoon has rattled virtually every market. This policy has some advantages for the steelmaking sector, but there may be some disadvantages that were not considered, especially for the EAF producers of flat-rolled.

Nucor’s consumer spot price (CSP) for hot-rolled (HR) coil remains unchanged again this week. The pause over the past two weeks stands in contrast to the nine-week rally that saw the company increase prices regularly by double-digits. The Charlotte, N.C.-based steelmaker told customers on Monday that this week’s consumer spot price (CSP) for HR coil […]

Market dynamics are shifting rapidly, with futures pricing diverging from physical fundamentals, creating a complex landscape for steel traders.

Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.

The price of pig iron for the US market remains firm despite a potential drop in domestic ferrous scrap prices going into April.

Another eventful week in the physical and financial steel markets is coming to a close, but with a markedly different tone than the last update at the end of February.

The threat of tariffs over the past two months has been a springboard for US prices. But the Section 232 reinstatement on March 13 narrowed the domestic premium over imports on a landed basis.

SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.

After eight weeks of double-digit price increases on hot-rolled (HR) coil, Nucor slowed the price rise this week with an increase of $5 per short ton.

Over the past couple of weeks, Midwest HRC futures have been drifting lower on light volume. This begs the question if the rally has run out of steam, or is it catching its breath after ripping roughly $150 in less than two weeks? The April CME Midwest HRC future made an intraday high at $976 […]

Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.

The HRC vs. prime scrap spread increased again in March.

This marks the eighth week of increases

While overall steel demand remains weak in the near term, there are reasons to expect metallurgical coal prices will increase over the course of the year, Ramaco says.

“The next months are going to be good ones for pig iron producers," according to one source.

Uncertainty has remained a dominant theme in the US ferrous derivatives markets over the past month. And the Trump administration's tariffs on steel and aluminum are still top of mind for market participants.

After over a month of increases, steel prices paused this week for some of the products tracked by SMU. Three of our price indices continued to climb, while two held steady from the prior week.

Nucor has increased its weekly HR coil spot price for seven consecutive weeks.

Headline risk has returned to the ferrous complex, with both hot-rolled coil (HRC) and busheling ferrous scrap (BCH) markets surging in response to fresh trade restrictions.

The majority of the steel buyers responding to our latest market survey reported that domestic mills are not open to negotiating prices on new orders this week.

Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.

Nucor has increased its list price for hot-rolled (HR) coil to $900 per short ton (st), according to a letter to customers on Monday. The Charlotte, N.C.-based steelmaker’s list price for HR is up $40/st from $860/st last week and up $125/st from $775/st a month ago, according to SMU’s mill price announcement calendar. The […]